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Keyword: oil

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  • Major reserve discovery confirmed in Golan Heights

    10/09/2015 2:27:48 PM PDT · by Berlin_Freeper · 4 replies ^ | Oct. 9, 2015 | Daniel J. Graeber
    Genie Energy, a company with headquarters in the United States, confirmed it made a major discovery of oil and natural gas in the Golan Heights. The New Jersey-based company said data from exploratory wells drilling into the area confirm what it said were "significant" quantities of oil and natural gas.
  • Boone Pickens: Russia 'new sheriff' in Mideast

    10/09/2015 12:25:01 PM PDT · by Trumpinator · 4 replies ^ | Thursday, 8 Oct 2015 | 11:23 AM ET | Matthew J. Belvedere
    Boone Pickens: Russia 'new sheriff' in Mideast Matthew J. Belvedere | @Matt_Belvedere Thursday, 8 Oct 2015 | 11:23 AM ET The new military involvement by Russia in Syria could force OPEC's largest oil member to finally capitulate on production cuts, energy entrepreneur Boone Pickens said Thursday. Such a move could rescue battered crude prices, which have lost half their value in the past year. The Mideast has a "new sheriff in town," Pickens told CNBC's "Squawk Box," with Russia making its most significant move back into the region since being kicked out in 1973, when then-Egyptian President Anwar Sadat broke...
  • Oil export bill driving a wedge between industries

    10/08/2015 9:22:51 PM PDT · by 100American · 1 replies
    The Washington Examiner ^ | 10/8/15 2:01 PM | JOHN SICILIANO
    The group has watched the export debate, as any reduction in supply from exports could increase prices domestically. Some large manufacturers have warned that any policy that increases the cost of energy could move U.S. companies overseas. Cicio said he would support the bill if it did not repeal the president's authority. "We should not be so short sited," he told the Washington Examiner. Oil prices currently are low, but "in the future … it can become a very significant cost issue for manufacturing." "All we need is an adjustment" to the bill to keep the safety valve in place,...
  • BP wins two Iranian oilfield development projects: source

    10/08/2015 8:31:40 PM PDT · by jonatron · 16 replies
    The Tehran Times ^ | 10/8/2015 | Tehran Times Economic Desk
    TEHRAN - Iran has left the development of two oilfields to the energy giant British Petroleum (BP), an informed source told the Tasnim News Agency on the condition of anonymity. The announcement is a follow-up to the September meeting between Iranian Oil Ministry officials and BP top managers, where the Iranian side headed by Amir Hossein Zamani Nia, the deputy oil minister for international affairs and trade, agreed to transfer the development of two oilfields to BP based on the new model of Iranian oil contracts, known as Integrated Petroleum Contract (IPC), which is due to be unveiled soon. ---snip---...
  • Potentially game-changing oil reserves discovered in Israel

    10/08/2015 11:18:23 AM PDT · by Gatortale · 34 replies
    Fox News ^ | Oct. 8 2015 | Paul Aster
    HAIFA, Israel – After Israel complained for years that it was surrounded by oil-rich states but didn’t have a drop within its own borders, it appears there’s a big-time turnaround with the announcement Wednesday that massive oil reserves have been located in the Golan Heights,close to the country’s border with Syria.
  • The problem with my $70 oil call

    10/08/2015 5:53:56 AM PDT · by thackney · 32 replies
    CNBC ^ | Oct 8, 2015 | T. Boone Picken
    After oil prices plummeted, I went on the record saying I thought they'd be back above $70 per barrel by the end of 2015. The year isn't over yet, but my prediction isn't looking good. I thought worldwide demand would go up — and it has. The latest from the International Energy Agency shows demand is already up about 1.7 million barrels a day. thought supply from the United States would go down — and it has. Companies have been laying down rigs, and U.S. production has dropped by 500,000 barrels a day since June. So where'd I go wrong?...
  • Senior Obama advisor comes to Iran

    05/13/2009 9:59:49 AM PDT · by gandalftb · 6 replies · 831+ views
    Press TV (Iran) ^ | Wed, 13 May 2009 06:39:29 GMT | MT/AA
    Vali Reza Nasr, a senior Obama administration advisor on Iran, has come to Iran. Iranian parliament speaker Ali Larijani and former parliament speaker Gholam-Ali Haddad-Adel may be behind the visit. "President Mahmoud Ahmadinejad was informed well after Nasr entered the country," Tabnak reported on Wednesday. Nasr was appointed senior advisor to Richard Holbrooke -- the special US envoy to Afghanistan and Pakistan. Tabnak and Fararu claim the unannounced trip by the US official to be linked to the recent release of Iranian-American journalist Roxana Saberi.
  • EXCLUSIVE: Russian jets 'intercept' US predator drones over Syria, officials say

    10/08/2015 12:14:20 AM PDT · by CutePuppy · 8 replies
    FoxNews ^ | 2015 October 07 | Lucas Tomlinson, Jennifer Griffin
    Russian fighter jets shadowed U.S. predator drones on at least three separate occasions high above Syria since the start of Russia's air campaign last week, according to two U.S. officials briefed on this latest intelligence from the region. Meanwhile, U.S. Navy Captain Jeff Davis told reporters a U.S. aircraft flying over Syria had to be rerouted to avoid a Russian fighter jet at least once. "We have taken action to maintain safe separation," Davis said, adding that the U.S. aircraft "changed path a little bit." He did not disclose which type of U.S. aircraft was involved. U.S. officials tell Fox...
  • Potentially game-changing oil reserves discovered in Israel

    10/07/2015 7:33:48 PM PDT · by Kaslin · 50 replies
    Fox ^ | October 7, 2015 | Paul Alster
    Haifa, Israel – After Israel complained for years that it was surrounded by oil-rich states but didn’t have a drop within its own borders, it appears there’s a big-time turnaround with the announcement Wednesday that massive oil reserves have been located in the Golan Heights,close to the country’s border with Syria. Afek Oil and Gas, an Israeli subsidiary of the U.S. company Genie Energy, confirmed the find in an interview with Israel’s Channel 2 TVbut conceded that until the oil is actually extracted, they won’t be sure of the actual amounts and quality of the oil that has been discovered....
  • Russian intelligence accused of silencing anti Arctic drilling Norwegian newspaper editor

    10/07/2015 2:05:45 PM PDT · by Trumpinator · 4 replies ^ | Tuesday 6 October 2015 10.04 EDT | Karl Mathiesen
    A Norwegian Arctic newspaper editor who has extensively covered oil drilling in the region was sacked at the behest of the Russian intelligence service, according to Norway’s public service broadcaster. ....snip.... In what could develop into a scandal in the European Arctic, Nilsen was last week controversially fired as editor of the Barents Observer for having “acted disloyally” to the newspaper’s owners. The title is owned by Norwegian Barents Secretariat (NBS), a local government body that promotes good relations with Russia in a region where the two nations cooperate and compete over fishing, oil and military strategy. Remaining Observer staff,...
  • Oilfield Cannibals: To Save Cash, US Drillers Strip Idle Rigs

    10/07/2015 12:33:04 PM PDT · by thackney · 19 replies
    Reuters via Rig Zone ^ | October 07, 2015 | Anna Driver & Swetha Gopinath
    Cam Hewell runs Premium Oilfield Technologies, a small company that makes equipment and spare parts for drilling rigs from North Dakota to Texas. Like his rivals, he is trying to withstand the worst oilfield downturn in six years, but they face a vexing obstacle: cannibals. In a bid to save cash, rig owners are cannibalizing parts such as motors and drill pipe from idled rigs to fix 800 active ones in the U.S. when stuff breaks. In good times, they would buy new equipment from companies like Hewell's or industry leader National Oilwell Varco Inc when parts fail. Now, they...
  • U.S. oil output on brink of 'dramatic' decline, executive says

    10/07/2015 5:45:45 AM PDT · by thackney · 29 replies
    Reuters via Yahoo Finance ^ | Oct 6, 2015 | Dmitry Zhdannikov and Ron Bousso
    Oil executives warned on Tuesday of a "dramatic" decline in U.S. production that could pave the way for a future spike in prices if fuel demand increases. Delegates at the Oil and Money conference in London, an annual gathering of senior industry officials, said world oil prices were now too low to support U.S. shale oil output, the biggest addition to world production over the last decade. "We are about to see a pretty dramatic decline in U.S. production growth," the former head of oil firm EOG Resources Mark Papa, told the conference. Papa, now a partner at U.S. energy...
  • Moniz: Strategic Petroleum Reserve is too valuable to sell its stockpiles

    10/07/2015 5:40:21 AM PDT · by thackney · 6 replies
    Fuel Fix ^ | October 6, 2015 | Jennifer A. Dlouhy
    The Senate Energy and Natural Resources Committee on Tuesday examined the future of the nation’s emergency oil stockpile, amid calls to sell off some of the stored supplies as a revenue-raiser and an Obama administration push to stash more refined petroleum products alongside raw crude. Energy Secretary Ernest Moniz broadly agreed with senators and expert witnesses that changes are needed to ensure the Strategic Petroleum Reserve remains a valuable insurance policy against global crude supply disruptions. That includes bolstering some of the infrastructure surrounding the salt caverns in southwest Louisiana and southeast Texas that make up the reserve, so that...
  • Huge oil discovery on Golan Heights

    10/07/2015 3:29:07 AM PDT · by Wiz-Nerd · 26 replies
    Globes English ^ | 07/10/2015 | Globes correspondent
    Estimates are that the amount of oil found will make Israel self sufficient for very many years to come. After more than a year of round-the-clock drilling, large amounts of oil have been found on the Golan Heights. Estimates are that the amount of oil discovered will make Israel self sufficient for very many years to come. Afek Oil and Gas chief geologist Dr. Yuval Bartov told Channel 2 News, "We are talking about a strata which is 350 meters thick and what is important is the thickness and the porosity. On average in the world strata are 20-30 meters...
  • With Troops On the Ground, Did Russia Just Take Over OPEC?

    10/06/2015 3:00:59 PM PDT · by Hojczyk · 22 replies
    Real Clear Markets ^ | October 6,2015 | Mark Mills
    Here's the rub: A new normal price of even $60 remains economically devastating for OPEC at large, for the Middle East, and, in particular, for Russia. But a $60 price (it's still $45 at press time) would re-ignite a profit-seeking land rush in America's shale fields. Russian oil experts likely remember that the rise of America's shale began when oil was below $60. And it was wildly profitable back then with technology and techniques that were half as efficient as those now available. Thus the emerging global petroleum pricing problem for Russia is severely constrained by the sheer quantity of...
  • Russia to meet with Oil Producers to address the low price of oil.

    10/06/2015 12:29:38 PM PDT · by 100American · 18 replies ^ | OCTOBER 6TH, 2015 | DR. KENT MOORS
    Over the weekend, Russian Energy Minister Alexander Novak announced that Moscow is ready to meet with both OPEC and other oil producers to address the low price of oil. For the first time in nearly 11 months, geopolitics is likely to give support to higher crude, and oil prices saw a new push. Ever since OPEC decided last Thanksgiving to defend market share rather than price, crude has been in a swoon. That has had a major negative impact on countries relying upon the sale of oil to balance their central budgets. All producing countries have been affected as oil...
  • UAE's Oil Storage Hub Of Fujairah Taking On Established Ports

    10/06/2015 6:16:50 AM PDT · by thackney · 10 replies
    Forbes ^ | OCT 6, 2015 | Gaurav Sharma
    Going back two decades, the quaint United Arab Emirate of Fujairah, some 130km east of Dubai, started carving out its own unique place in the oil and gas industry under the benign shadow of Abu Dhabi; custodian of the world seventh-largest proven oil reserves. Fujairah had what the other six of constituents of the UAE did not – a shoreline on the Gulf of Oman and not the Persian Gulf. Any ships loaded on the latter coastline remained vulnerable to Iranian belligerence and threats to close of the Strait of Hormuz, a maritime outlet from the Persian Gulf to the...
  • Global Oil to Cut Spending by $130 Billion, OPEC Says

    10/06/2015 6:08:48 AM PDT · by thackney · 7 replies
    Wall Street Journal ^ | Oct. 6, 2015 | BENOÎT FAUCON
    Global oil investments are set to be slashed by a staggering $130 billion this year, crimping supplies and ultimately boosting prices, OPEC’s chief said Tuesday, and added that he was open to discuss the current oil market turmoil with the U.S. The remarks come as many members of the Organization of the Petroleum Exporting Countries have been running deficits as they fight for market share against American tight oil instead of oil prices. Speaking at the Oil and Money conference here, OPEC secretary-general Abdalla Salem el-Badri said global investments in petroleum projects will be reduced by 22.4% to $521 billion...
  • In Canada, Miniature Heavy-Oil Sites Overcome Slump in Crude Prices

    10/06/2015 5:45:29 AM PDT · by thackney · 1 replies
    Wall Street Journal ^ | Oct. 6, 2015 | CHESTER DAWSON
    ...What’s unusual about this project is the speed with which it is being built—in a matter of months—and its compact, football field-size. Oil-sands sites typically take years to build and require hundreds or thousands of acres of land. At a time when slumping crude-oil prices have shelved most new oil-sands projects in neighboring Alberta and halted drilling for all but the most productive shale oil wells in the Bakken formation on both sides of the border, pint-size sites are proliferating in Saskatchewan’s oil patch. ...three other similarly size heavy-oil projects are rising on a landscape filled with cattle pastures and...
  • Russia and America prep forces for Arctic war

    10/05/2015 10:45:32 PM PDT · by WhiskeyX · 9 replies
    Reuters ^ | October 5, 2015 | David Axe
    President Barack Obama’s recent trip to Alaska helped draw attention to global climate change — and to the national-security tensions that could result from a warming Arctic region. Surveyors believe that the seabed under Arctic waters could contain hundreds of billions of barrels of untapped oil. As the North Pole becomes more accessible, and so more valuable, Arctic countries — each with its own and in some cases overlapping territorial claims — are getting ready for some serious competition. The United States and Russia are geopolitical rivals and uneasy Arctic neighbors. More and more Russian and U.S. military forces are...
  • Official: Libya's Oil Output Down To 300,000 Bpd

    10/05/2015 12:37:30 PM PDT · by thackney · 9 replies
    Reuters via Rig Zone ^ | October 05, 2015 | Ahmed Elumami
    Libya's oil production has dropped to 300,000 barrels per day, less than a quarter of what it produced before the 2011 fall of Muammar Gaddafi, mostly because of insecurity and closed pipelines, a top official said. The North African state is caught in a conflict between two rival governments and their armed allies -- one internationally recognised, and the other a self-declared administration that took over Tripoli last year. Naji Moghrab, the top state oil official with the recognised government, told a local television channel late on Sunday output was at 300,000 bpd because of fighting between various armed factions...
  • Russia ready to meet OPEC to talk oil prices

    10/05/2015 5:13:52 AM PDT · by thackney · 23 replies
    CNBC ^ | Oct 5, 2015 | Holly Ellyatt
    Russia is ready to meet with members of the Organization of Petroleum-Exporting Countries (OPEC) -- as well as non-member oil producers -- to discuss the situation facing global oil markets, according to the country's oil minister. Alluding to a possible meeting with the 12-member oil producer group OPEC, Energy Minister Alexander Novak said Saturday "if such consultations are to happen, we are ready to take part," Reuters reported, although he did not say when and if such a meeting may take place. In addition, he told reporters that a meeting between officials from Russia and Saudi Arabia was being planned...
  • Independents must negotiate with banks as falling oil price shows little signs of abating

    10/05/2015 4:59:52 AM PDT · by thackney · 3 replies
    Financial Times ^ | October 5, 2015 | Kiran Stace
    A little-noticed announcement last week from explorer Tullow Oil kicked off a month-long process that could have significant ramifications for the entire industry. On Thursday, Tullow, which drills for oil in west Africa, told the market it had negotiated with its banks to keep its lending facility at $3.7bn after its reserves were revalued. The fact that its share price rose by 7 per cent afterwards showed how worried investors had been by what otherwise seemed like a technical exercise. Since the 1970s, oil companies have put up their own reserves as collateral for loans as a way to secure...
  • LISTEN LIVE to the Jacki Daily Show today at 2PM Eastern!

    10/04/2015 9:34:40 AM PDT · by RaceBannon
    The Jacki Daily Show ^ | 10/4/15 | Jacki Daily
    THE JACKI DAILY Show! Listen live at 2PM Eastern! The host of the Jacki Daily show has had an impressive career in energy, law, and politics.Most recently, Jacki served as General Counsel to an engineering firm specializing in energy, national security and environmental cleanup. Previously, she served many years as legal counsel on Capitol Hill to the Chairman of the Subcommittee on the Constitution and the former Ranking Member of the Commercial and Administrative Law Subcommittee, advising on the oversight of federal agencies. Prior to her career in Washington, she worked as a corporate litigator, and as an Assistant Vice...
  • Clinton and Fiorina agree on Syrian strategy ...and they're both wrong

    10/03/2015 7:18:48 AM PDT · by jimbo123 · 9 replies
    Cain TV ^ | 10/2/15 | Robert Laurie
    WWIII over CIA backed rebels? No thanks. We needed a President and Secretary of State who could stymie Russia on the diplomatic front. We needed a President who was up to the task of managing the world stage. We needed a Commander in Chief who would be either feared or respected by our allies and enemies alike. We don't have that. Instead, we're faced with Middle Eastern chaos, a rapidly expanding global terrorist force, and a refugee crisis that is spreading to every corner of the globe. The President's response has, so far, consisted of a feckless UN speech and...
  • Clinton and Fiorina agree on Syrian strategy ...and they’re both wrong

    10/03/2015 6:03:53 AM PDT · by Sean_Anthony · 8 replies
    Canada Free Press ^ | 10/03/15 | Robert Laurie
    WWIII over CIA backed rebels? No thanks We needed a President and Secretary of State who could stymie Russia on the diplomatic front. We needed a President who was up to the task of managing the world stage. We needed a Commander in Chief who would be either feared or respected by our allies and enemies alike. We don’t have that. Instead, we’re faced with Middle Eastern chaos, a rapidly expanding global terrorist force, and a refugee crisis that is spreading to every corner of the globe. The President’s response has, so far, consisted of a feckless UN speech and...
  • BHI: US rig count plunges 29 units to lowest total since May 2002

    10/03/2015 2:41:12 PM PDT · by thackney · 5 replies
    Oil & Gas Journal ^ | 10/02/2015 | Matt Zborowski
    In a shift reminiscent of the freefall that occurred earlier this year, the overall US drilling rig count plunged 29 units during the week ended Oct. 2 to a total of 809, the lowest since May 3, 2002, according to data from Baker Hughes Inc. The count has now fallen in 6 consecutive weeks, giving up 76 units during that time. The recent decline follows a small summer rebound in which the total climbed 28 units over a 9-week period from a nadir of 857 to a plateau of 885. The count is now down 1,113 units year-over-year and 1,122...
  • Frac Industry Catches A Break, Judge Strikes Down Costly Regs

    10/02/2015 5:12:23 PM PDT · by Rabin · 4 replies
    Oilpro ^ | 10/2/15 | Jeff Reed
    A federal judge in Wyoming has issued an injunction against new Department of Interior regulations that tighten controls over hydraulic fracturing on federal lands. The move grants some of relief to producers who would have confronted higher costs at a time when oil prices are already hitting their profits, curbing activity, and reducing headcounts....
  • Has Hillary lost the Teamsters over Keystone XL?

    10/02/2015 10:43:47 AM PDT · by raptor22 · 11 replies
    American THinker ^ | October 2, 2015 | Daniel John Sobieski
    The Fox News report that the Teamsters have decided not to endorse Hillary Clinton’s candidacy at this time, shortly after her pronouncement of her opposition to the Keystone XL pipeline, does not surprise and shows the peril of trying to be all things to all constituencies. On the one hand, there is a need to placate environmentalists and climate change true believers who oppose the pipeline from Canada. Among them is billionaire Tom Steyer, an eco-zealot who has pledged his fortune in support of Democratic candidates who want to repeal the Industrial Revolution who want us to rely on solar...
  • Shell’s Loss Is Eni’s Gain

    10/02/2015 9:31:42 AM PDT · by bananaman22 · 1 replies ^ | 02-10-2015 | Oilnorway
    At the beginning of this week, oil major Shell announced that it will indefinitely postpone (read: completely abandon) its Arctic drilling operations in the Chukchi Sea offshore Alaska. The company stated: "Shell will now cease further exploration activity in offshore Alaska for the foreseeable future. This decision reflects both the Burger J well result, the high costs associated with the project and the challenging and unpredictable federal regulatory environment in offshore Alaska." This retreat will result in Shell losing its $7 billion investment, a bitter pill to swallow for the oil major. While Shell and many others have given up...
  • Most Saudi Royals favor coup

    10/02/2015 8:35:54 AM PDT · by mad puppy · 23 replies
    PressTV ^ | Oct 1, 2015 | PressTV
    “It is best for the country for King Salman to step down as well. We cannot take sick people in top leadership,” the grandson of Abdulaziz Ibn Saud, the state’s founder, told Britain's The Times daily. He also said that Crown Prince Mohammad bin Nayef and Deputy Crown Prince Mohammad bin Salman would "have to be punished and thrown out.”
  • Obama’s Fracking Regulations Take A Serious Hit

    10/01/2015 10:09:27 AM PDT · by bananaman22 · 4 replies ^ | 01-10-2015 | regulate
    On September 30, a federal judge struck down the U.S. Department of Interior’s regulations on hydraulic fracturing, a blow to the Obama administration’s efforts at putting standards on the drilling practice. A U.S. District Judge in Wyoming issued an injunction against the implementation of Interior’s rules. In March 2015, the Bureau of Land Management (part of the Interior Department) issued its final rule for fracking on public lands. According to BLM, there are over 100,000 oil and gas wells on federal lands, over 90 percent of which use fracking. “Current federal well-drilling regulations are more than 30 years old and...
  • U.S. a net oil exporter to Mexico for first time in decades

    10/01/2015 9:52:36 AM PDT · by thackney · 18 replies
    Fuel Fix ^ | October 1, 2015 | Robert Grattan
    The U.S. sent more crude oil and petroleum products to Mexico than it received for the first time in at least two decades in July, according to the latest government data. The switch from net importer to net exporter underlines a new reality for oil markets: After decades of sourcing oil from south of the border, the U.S., and especially Texas, has plenty of oil. Simultaneously, Mexican production has declined even as the country’s need for oil and the products that come from it have risen. U.S. net imports of oil and petroleum products from Mexico peaked in June of...
  • Fracking Firms That Drove Oil Boom Struggle to Survive

    10/01/2015 9:33:40 AM PDT · by Lorianne · 3 replies
    Wall Street Journal ^ | 23 September 2015 | Alison Sider
    Stiff competition, lack of business lead to bankruptcies, distress ___ A wave of bankruptcies and closures is sweeping across the oil patch, with dozens of hydraulic-fracturing companies at risk, industry experts say. Most of the companies that help oil-and-gas explorers drill and frack wells are small, privately owned and just a few years old. They are part of a flood of new entrants in the energy business—one that is drying up as oil prices languish below $50 a barrel. One of the latest casualties is Pro-Stim Services. Launched in 2011 with backing from Turnbridge Capital LLC, a private-equity firm, the...
  • Success or failure (The Economic Fall of Venezuela)

    10/01/2015 8:50:57 AM PDT · by fungoking · 6 replies
    El Univerisal ^ | 9/29/15 | MICHAEL ROWAN
    Success or failure In 1960, Venezuela was one of the ten richest nations on earth with a GDP per capita of $6,000. The two economies I know best are Alaska and Venezuela. Both are oil states but one succeeded grandly while one failed miserably for obvious reasons. In 1960, Venezuela was one of the ten richest nations on earth with a GDP per capita of $6,000. But in 2015, Venezuela's per capita income is still $6,000 which puts it in the bottom third of the 200 nations on earth. In 55 years, Venezuela has no per capita GDP growth. Compare...
  • Shell’s Arctic miss is just the oil industry’s latest dry hole

    10/01/2015 5:55:54 AM PDT · by thackney · 5 replies
    Fuel Fix ^ | September 29, 2015 | Jennifer A. Dlouhy
    Shell’s $7 billion flop in the Arctic Ocean stands out as one of the industry’s costliest missed bets, even for an industry used to gambling big. “There are few $7 billion zeros in the industry, so it’s fairly unique,” said Dave Pursell, head of securities at Houston energy investment bank Tudor Pickering Holt & Co. It’s even more unusual for a single well to take down an entire exploration project. On Monday, the company said that it was walking away from Arctic drilling after a just-finished well in the Chukchi Sea turned up indications of less oil and gas than...
  • Sen. Pat Toomey seeks to shred biofuel mandates as part of oil exports bill

    09/30/2015 12:29:54 PM PDT · by thackney · 13 replies
    Fuel Fix ^ | September 30, 2015 | Jennifer A. Dlouhy
    If the Senate is going to lift the nation’s longstanding ban on oil exports, Sen. Pat Toomey wants to make sure a federal biofuels mandate vanishes at the same time. The Republican from Pennsylvania is advancing a plan — cosponsored by Sen. Dianne Feinstein, D-Calif. — that would lift the requirement to blend traditional ethanol-based renewable fuels into U.S. gasoline. Toomey is set to offer the measure as an amendment to legislation that would authorize widespread oil exports when it is considered by the Senate Banking Committee on Thursday. The biofuel change is sought by some refiners — including a...
  • Trouble Ahead For The World’s Next Shale Boom?

    09/30/2015 8:17:44 AM PDT · by bananaman22 · 6 replies ^ | 30-09-2015 | jaja
    Argentina has often been held up as the next most likely location for a shale revolution, with some of the largest shale oil and gas reserves in the world. Argentina could hold more than 800 trillion cubic feet of shale gas, more than the U.S., and second only to China, according to the EIA. Its shale oil resources, at 27 billion barrels, are also significant. If Argentina is to succeed in developing its shale resources, the Vaca Muerta is where it will happen. The shale basin in central Argentina has been one of the most watched shale basins outside of...
  • More layoffs hit Bowie coal mine ( Colorado, Utah, and )

    09/30/2015 7:43:51 AM PDT · by george76 · 22 replies
    Grand Junction Media ^ | September 29, 2015 | Dennis Webb
    Bowie Resource Partners plans to lay off nearly 100 people at its Bowie #2 Mine near Paonia in the latest setback to coal employment in the North Fork Valley. The company said Tuesday that it anticipates laying off 78 workers and 19 contractors from the mine, where 181 full-time employees and 19 contractors work now. ... it is continuing to evaluate the market for the mine’s coal after losing a contract to sell to the Tennessee Valley Authority a year ago. The loss of that contract caused Bowie to eliminate about 150 jobs at that time. Bowie operates three underground...
  • TPH: Production from Big Three shale plays will suffer with $50 oil

    09/30/2015 5:46:33 AM PDT · by thackney · 10 replies
    Fuel Fix ^ | September 29, 2015 | Rhiannon Meyers
    For the top U.S. shale plays that once seemed immune to the downturn, persistently low oil prices are starting to take their toll. The lingering crude slump is expected to drive down production next year in the nation’s premiere oil patches — West Texas’ Permian Basin, South Texas’ Eagle Ford and North Dakota’s Bakken shale — as operators spend less to stay within cash flow, according to a report by investment banking firm Tudor Pickering Holt & Co. With oil hovering around $50 per barrel, or less than half the price it fetched last year, output from the so-called Big...
  • Chesapeake to cut workforce 15 percent

    09/30/2015 5:27:34 AM PDT · by thackney · 15 replies
    Fuel Fix ^ | September 29, 2015 | Collin Eaton
    Chesapeake Energy Corp. is shedding 740 jobs, about 15 percent of its workforce, as part of an effort to trim costs as low oil prices linger, the company said Tuesday. It may be the Oklahoma oil producer’s first round of mass layoffs since the plunge in crude prices began last year, according to a tally of industry job cuts kept by consultancy Graves & Co. The company says it will have about 4,000 after the cuts. “While this was extremely difficult, we are acting decisively and prudently to enhance the long-term competitiveness and strength of Chesapeake,” CEO Doug Lawler told...
  • The Petrodollar War

    09/30/2015 12:09:40 AM PDT · by RC one · 5 replies
    DayAfterIndia ^ | 9/12/15 | Asit Manohar
    Since 1973 oil shock, US diplomacy is moved by the petrodollar system, creating artificial demand of greenback and fuelling global oil price in northward directionOn September 4, 2015, dead body of the 3-year old baby Aylin Kurdi on the sea shore of Turkey became viral in social media. Public got divided whether the man who photographed should have done it or not. However, very few were finding out the major culprit responsible for this killing. Some people on social media were found ill mouthing the smugglers who gave weak raft against much higher sum to his father for migrating from...
  • Dying Petrodollar Ripples Through Markets As Asset Managers Bemoan Loss Of Saudi Bid

    09/29/2015 11:25:20 PM PDT · by RC one · 4 replies
    Dying Petrodollar Ripples Through Markets As Asset Managers Bemoan Loss Of Saudi BidOne of the key things to understand about China’s liquidation of hundreds of billions in US paper is that far from being a country-specific phenomenon, it actually marks the continuation of something that’s been taking place in other emerging markets for some time.As we outlined in “Why It Really All Comes Down To The Death Of The Petrodollar,” the forced sale of Beijing’s UST reserves is simply the most dramatic example of what Deutsche Bank has called “quantitative tightening.” For years, reserve managers in the world’s emerging economies...
  • North Dakota’s Housing Boom Is About to Go Bust

    09/29/2015 6:22:54 PM PDT · by posterchild · 27 replies
    The Fiscal Times ^ | Sep 29, 2015 | Beth Braverman
    Real estate developers were too late to the party in North Dakota. Just a few years after fracking sparked a shale oil frenzy that lured thousands of unemployed workers to North Dakota in the hopes of landing high-paying jobs, plummeting oil prices have sapped some oomph from the boom. As workers streamed into North Dakota, temporary camps popped up to meet the demand, and real estate developers followed suit with plans to create thousands of permanent apartments. Related: The North Dakota Boom That’s Going Bust After Oil’s Plunge But crude oil prices have fallen more than 50 percent in the...
  • Bureau of Land Management set to close 600 miles of Colorado roads

    09/29/2015 9:46:56 AM PDT · by george76 · 96 replies
    Watchdog ^ | September 25, 2015 | Marjorie Haun
    Despite a long process involving collaboration between local officials the Bureau of Land Management (BLM) in Western Colorado, the federal land agency is proceeding with the closure of roads that have been traveled for 50 or more years. The road closures comprise a portion of the BLM’s Resource Management Plan (RMP) for Mesa County, of which, 73 percent is controlled by the federal government . ... public roads, used by off-roaders, hunters, farmers, ranchers and, during wildfire season, firefighting crews. ... Jody Green, a member of Public Lands Access Association and long-time activist working to preserve access into federally-managed lands,...
  • Alaska fears fallout of Shell's Arctic drilling decision

    09/29/2015 5:27:57 AM PDT · by WhiskeyX · 8 replies
    Sacramento Bee ^ | September 28, 2015 | DAN JOLING, Associated Press
    ANCHORAGE, Alaska — Royal Dutch Shell's dry hole in the Chukchi Sea may be disappointing to shareholders, but it's potentially devastating to Alaska. The company's decision to end oil exploration in offshore Alaska for the foreseeable future means the state must find another source to fill the 800-mile trans-Alaska pipeline and solve its economic woes, Gov. Bill Walker said.
  • Earthquakes and Fracking: THE JACKI DAILY SHOW

    09/28/2015 5:06:39 PM PDT · by RaceBannon · 23 replies
    The Jacki Daily Show ^ | 5/18/15 | Jacki Daily
    Steve Everley is the National Spokesperson for He addresses claims about earthquakes and frac’ing and the data showing the positive impact that frac’ing and development brings to property values.
  • OPEC’s Family Feud

    09/28/2015 5:47:49 AM PDT · by thackney · 17 replies
    Hellenic Shipping News ^ | 9/28/2015 | Hellenic Shipping News
    When Venezuelan Oil Minister Juan Pablo Pérez Alfonso resigned in 1963, he blasted the Organization of Petroleum Exporting Countries, at the time torn by internal rivalries, for failing to produce any benefits for his country. Half a century later, OPEC is still split and Venezuela is again unhappy, this time at the unwillingness of the organization’s top producer, Saudi Arabia, to rescue oil prices from a six-year low that’s dragging the battered Venezuelan economy into an even deeper crisis. On Sept. 10, Venezuela’s oil minister, Eulogio del Pino, tweeted appeals for OPEC and non-OPEC countries “to have a discussion on...
  • Oil industry workers seek unemployment benefits

    09/28/2015 5:39:11 AM PDT · by thackney · 22 replies
    Bismarck Tribune ^ | 9/28/2015 | Jessica Holdman
    As Halliburton officials confirmed laying off workers at its Williston offices earlier this month, many in the industry are anticipating more layoffs to come as the price of oil and the state drilling rig count continue to drop. "I think the next four to five months are going to be a struggle," said North Dakota Petroleum Council President Ron Ness. From September 2014 to as recently as August, 4,552 individuals working for oil-related companies received unemployment benefit payments, according to North Dakota Job Service data. These include positions related to drilling, extraction and support activities, according to Michael Ziesch, Job...
  • Shell says it will cease Alaska offshore Arctic drilling

    09/27/2015 11:59:44 PM PDT · by Olog-hai · 17 replies
    Associated Press ^ | Sep. 28, 2015 2:15 AM EDT | Dan Joling
    Royal Dutch Shell will cease exploration in Arctic waters off Alaska’s coast following disappointing results from an exploratory well backed by billions in investment and years of work. The announcement was a huge blow to Shell, which was counting on offshore drilling in Alaska to help it drive future revenue. Environmentalists, however, had tried repeatedly to block the project, and welcome the news.Shell found indications of the oil and gas in the well in the Chukchi Sea about 80 miles off Alaska’s northwest coast, the company said Monday in a release from The Hague, Netherlands. However, the petroleum was not...